Target date funds adjust your investment mix based on age alone, which works well as long as the fund is the full picture. Craig at Sage Rutty explains why it rarely is: the fund has no visibility into other savings, IRAs, company stock, or any other assets you hold outside it, yet it behaves as though its slice represents your entire financial life. He makes the case for allocating across your full balance sheet rather than relying on one fund to account for money it was never told about.
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